Tokyo unhappy despite Standard and Poor upgrade

The government said Wednesday it is not satisfied by Standand and Poor's decision to upgrade the rating outlook for Japan's sovereign debt.
"We are not so happy ... as their rating was too low up until now," Chief Cabinet Secretary Yasuo Fukuda told a news conference.
Despite the upgrading of the outlook to stable from negative on improved growth prospects, New York-based Standard and Poor's left Japan rated the lowest of the Group of Seven (G7) rich nations.
Fukuda said Standard and Poor's rating did not reflect the real state of the Japanese economy.
The rating agency said steady corporate restructuring, improved cash flow and a "constructive" anti-deflation monetary policy had helped raise Japan's growth prospects.
The rating on Japan's sovereign debt itself remained at AA-minus/A-1-plus, the worst among the G7 states.